At A Glance
Confidence in Open Banking
Reading, United Kingdom
Supply Chain Processes:
PSD2 Open Banking Third Party Provider (TPP) Identity & Regulatory checking
Konsentus is an award-winning RegTech company helping enable a trusted and secure Open Banking ecosystem.
Founded by industry experts with significant experience in financial services and building global software businesses, we have a highly experienced leadership and technology team.
Headquartered in the UK, we have an established European footprint with offices just outside London, Warsaw and Amsterdam.
We are positioned at the forefront of the open banking opportunity across Europe and plan to expand globally once the broader global market develops.
What We Do & How We Do It
Konsentus provides an online, real-time Third-Party Provider (TPP) identity and regulatory checking service for Financial Institutions (ASPSPs) to comply with PSD2 access to accounts.
The core components of the solution are:
- TPP Identity Verification: Konsentus verifies a TPP’s identity, using their eIDAS certificates, in real-time via the relevant Qualified Trust Service Provider (QTSP). This gives the ASPSP confidence that the TPP connecting to its Open Banking API or MCI is a PSD2 regulated service provider (i.e. proven identity).
- TPP Regulatory Checking: Upon verification of the identity of the TPP, Konsentus checks, in real-time, the regulated status of the TPP on a pan EEA basis and advises the ASPSP on the payment services the TPP is authorised to provide.
- Token Issuance, Verification & Management Services: Certain PSD2 schema require ASPSPs to issue consent-based Access Tokens (OAuth2.0) to TPPs. Konsentus provides real-time issuance, checking & validation, and life cycle management of Access Tokens issued on behalf of the ASPSP.
- Immutable audit log: Konsentus maintains an immutable audit log of all API calls providing the ASPSP with a system of record of all actions and activity that took place should it be required to assist in dispute management.
Issued through a Software as a Service (SaaS) platform, Konsentus provides an on-line, real-time single consolidated source of data on all regulated financial organisations across the EEA. The data is collected from the 31 National Competent Authorities (the Official Systems of Record), and is sourced directly from their 115 registers, which contain information on the following regulated organisations: Credit Institutions (i.e. Banks), Payment Institutions, Electronic Money Institutions, and Account Information Service Providers.
In addition, Konsentus also collects data from the European Banking Authority (EBA) Credit Institutions Register and the Register of Payment and E-Money Institutions under PSD2.
Our world-class secure AWS cloud computing platform powers a distributed micro-service architecture enabling scalability, high availability and low latency.
Using the Konsentus service removes the complexity and cost of in-house system design, build and testing, in addition to removing the requirement for ongoing support costs and maintenance of the service.
Konsentus warrants the accuracy of the data provided and offers a one-hour SLA on regulatory information provided. Konsentus is the only solution in the market offering this robust flexible platform.
A member of the 2020 RegTech100, the world’s leading RegTech companies, Konsentus was recognised for providing an innovative use of technology to solve a significant complex industry problem – how to ensure fraudulent Third-Party Providers are never given access to payment user transactional account data.
Our easy and quick to implement cost-effective solution has been acknowledged by industry experts as being a key component helping build trust in the evolving Open Banking ecosystem. We won in three categories at the 2019 Emerging Payments Awards, being recognised not only for our technical service but also for our Back Office operations.
Live clients have been quick to validate the Konsentus solution. Moneyou, a subsidiary of ABN Amro, won ‘Best Security Initiative’ at the Retail Banking Conference & Awards for their Open Banking offering using the Konsentus solution.
Our Third-Party Provider (TPP) EEA tracker has caused much debate and interest – particularly as it highlights there are now no countries within the EEA without TPPs approved for services.
As the Open Banking landscape evolves, Konsentus is well placed to help the players within the ecosystem take advantage of the access to financial data the regulation offers, whilst ensuring those players stay compliant and minimise their risk.